KASB Funds and Meezan Bank Sign Technical Agreement for Shariah Advisory Services

Karachi, September 2007

KASB Funds Limited (KFL) and Meezan Bank Limited (MBL) entered into a technical services & support agreement whereby MBL will provide Advisory Services related to Shariah Compliant Product Development, research & training, conceptualization, structuring, documentation and financial structuring advisory to KFL on Shariah related matters for KFL's upcoming Islamic fund. Ms. Naz Khan, CEO and Mr. Muhammad Imran Khalil CFO & Head of Operations represented the Management Company while Meezan Bank was represented by Mr. Irfan Siddiqui, President & CEO and Mr Arif ul Islam, COO of Meezan Bank. Renowned Shariah scholar Dr. Imran Ashraf Usmani was also present on the occasion.

KASB Funds Limited already manages two open-ended mutual funds i.e. KASB Liquid Fund and KASB Stock Market Fund. Assets under management have grown tenfold since June 2006 to over PKR 8 billion. The company is rated AM3+ by PACRA and has BlackRock Merrill Lynch Investment Managers as one of its institutional shareholders. KASB Funds is part of the KASB Group which includes KASB Bank, KASB Securities and KASB Capital.

Meezan Bank, being the largest Islamic Bank, stands today at a noteworthy point along the evolution of Islamic Banking in Pakistan with the fastest growing branch network of 74 online branches. Meezan Bank's main shareholders are leading local and international financial institutions, including 'Pak-Kuwait Investment Company'; the only AAA rated financial entity in the country, the 'Islamic Development Bank of Jeddah', the renowned 'Shamil Bank of Bahrain' and the Noor financials of Kuwait. The bank has a full-fledged Advisory Division headed by Dr. Muhammad Imran Ashraf Usmani. This function's areas of expertise include Product Development & research, training & development, publications and advisory services in the field of Islamic Finance.